Help! i cant figure this out.
1 answer:
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Answer:
12%
Step-by-step explanation:
You are going to want to use a modified compound interest formula, as shown below. This version of the compound interest formula is what you use to solve for the interest rate.
r = interest rate (decimal)
n = numbers of times compounded (annually)
A = total amount
P = principal amount
<em>t = time (years)</em>
Now, lets plug in the values:
Next, multiply <em>r </em>by 100 to get our answer:
The last step is to round our answer to the nearest whole number:
12.246 -> 12